The Executive Condominiums in Singapore are also known as EC. In the past years, these HDB flats and hybrid of private property have been becoming popular among the local real estate buyers. The amenities offered by the ECs are usually for you to that of the private properties. The ECs are certainly one good way to enjoy luxury living. Their expense is quite affordable to the mass market.
Market and selling restrictions
The main difference concerned with the Executive Condominium and the private condominium will be the ownership reduction. Owners of the ECs have to fulfil a minimum of 5 years occupation period of time. This restriction is similar towards the HDB ownership rules. Any EC owner can sell the unit only after 5 regarding occupancy. However, the marketplace is limited in order to the Singapore Citizens and also the Fourth Avenue Residences singapore Permanent Residents. When the EC will acquire its privatized status, it is provided for free to be sold towards foreigners. The privatized status can be acquired after 10 yrs.
Because the ECs were meant for the use with the local homebuyers who cannot afford the prices of a personal property and are also not legible to acquire new HDB flats, the restrictions were quite strict. If you are an investor, investing difficult earned money in an EC is not favorable. The Executive Condominiums are also priced about 25% lower the private condominiums from the same area. In addition, it is prone to a 99 year leasehold. The ECs are not considered being a freehold site.
Benefits of EC buyers
The EC buyers might apply for that CPF Housing grants. The CPF Housing grant very own set of eligibility measures. To know if you are eligible, you can inquire on the Singapore powers that be. The grant ranges from $10,000 to $30,000 but very much dependent on his or her evaluation of one’s household revenues.
The high return of investment one of several EC properties are definitely dependent over their location. The facilities made available by the ECs are much better the involving amenities you can buy from the condominiums located near to the area. The Bishan Loft has been considered among the top performing ECs. Its proximity to your Bishan MRT station rrs incredibly appealing into the working class. Besides, it lies close to the Bishan Junction 8 shopping mall and the MacRitchie Reservoir Park.
What shop for? EC or BTO?
The ECs are designed by private developers. The potential buyer of ECs are individuals who’s going to afford more than a BTO but cannot afford the price of a private property. The BTOs are being sold at a subsidized price so there is no need to raise cash the upfront charge. The budget and the restrictions for this EC might be of interest more properly.